Topic: How To Invest

Can I have your opinion on Gold Canyon Resources? Thanks.

Article Excerpt

Gold Canyon Resources, $1.47, symbol GCU on Toronto (Shares outstanding: 118.0 million; Market cap: $173.5 million; www.goldcanyon.ca), explores for base and precious metals. The company holds a 100% interest in three properties in Ontario’s Red Lake Mining District: Springpole (gold), Horseshoe Island (gold, platinum and palladium) and Favourable Lake (silver, gold and base metals). Gold Canyon also owns the Cordero gallium project in Nevada, and 33% of a rare-earth project in Malawi. The company recently released a resource update for the Springpole project that revealed potential reserves of 3.7 million ounces of gold and 16.4 million ounces of silver. However, that was well below expectations. The company needs to do a lot more drilling to define a mineable deposit, even at today’s high gold prices. We don’t recommend Gold Canyon Resources at this stage of its development. development. …